It is July, and thousands of employees in the central government are eagerly awaiting the news of the upcoming round of DA hikes. According to recent sources, the figure for this time's revision is estimated to be 5%, thus central staff and pensioners should expect a big increase in compensation.
The All-India Consumer Price Index for May shows a higher-than-anticipated increase, which is used to calculate the amount for DA and Dearness Relief (DR) hikes. A 6% increase may also be coming, according to some reports.
According to the 7th Pay Commission, a 6 percent increase would raise the DA percentage for central government employees to 40%. According to reports, the announcement might occur around July 31 or at the end of the month. There hasn't, however, been any formal confirmation of this.
Employees of the central government receive DA increases twice a year to help offset the effects of the rising cost of living. The second DA hike of the year occurs in July, while the first occurs in January.
According to data from May, the AICPI increased to 129 from its previous reading of 127.7 in April 2022. This has increased talk of a DA increase of 6%. A DA increase of 3% earlier this year had raised the percentage to 34% from 31%.
For the fiscal year 2021–2022, the Central Board of Trustees, EPF, had suggested crediting EPF accumulations in members' accounts at an annual rate of interest of 8.10 percent. Following the official publication of the interest rate in the government gazette, EPFO immediately began crediting the rate of interest into the accounts of its customers. Every year, EPFO releases the PF interest rate.
Meanwhile, the stories about the 18-month-old Dearness Allowance (DA) arrears have picked up momentum once more. According to recent rumors, the topic of the 18-month DA arrears from January 2020 to June 2021 may be discussed soon.
Employees of the Central Government shouldn't give up on receiving the Rs 1.5 lakh in pending arrears in their accounts all at once. The pay band and organizational structure of the employees would determine the amount of DA arrears.
